Are Variable rates meant to be based on the ECB interest rate?

Protocol said:

Loans from the CB are just one part of a bank's liabilities.

Their main liability is deposits.

Deposits can cost up to 3%.

Click to expand...

Sure, but the "banks are losing money on trackers" meme comes from the time in 2008 when EURIBOR was over 4%.

You could equally say "banks are losing money on deposits".

As a tracker customer with a performing loan it's hardly my fault that the bank is having to offer 3% to attract the rats back to its sinking ship.

With ECB funding at 0.75% (75bps) how is any bank losing on trackers?
Banks do not reveal their cost of funding in any great detail.
Current account credit balances are at ZERO - so how are these allocated? etc
Banks may not be making enough - different question